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Posted October 02, 2006 by publisher in Cuba-World Trade

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Russia will provide Cuba with a 10-year $355 mln loan with interest at 4% per year, Russia’s prime minister said Thursday.

Mikhail Fradkov signed a Russian-Cuban intergovernmental agreement earlier Thursday.

He said the credit will be used to finance the delivery of Russian goods and services to the socialist Caribbean country in 2006-08.

Fradkov said the intergovernmental agreement identified seven areas in which the credit will be used: investment cooperation projects, modernization of Cuba’s energy sector, reconstruction of water conservation facilities and railroads, the design and delivery of air navigation systems, and the modernization of the transportation system.

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  1. Follow up post #1 added on October 02, 2006 by publisher with 3905 total posts

    Sweet deal for Cuba.

    Cuba has defaulted on billions of dollars to Russia but I guess that’s not bad credit since they can still get a 4% rate.

    So, Raul and Fidel, you can’t blame the Embargo too much if Russia is financing more purchases.

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